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How businesses and individuals can play a part
Cultivating effective strategies to tackle the risk of modern slavery in the retail industry will require a clear grasp of where risks lie in the supply chain, an action plan designed to tackle those risks, accompanying remediation policies, and effective monitoring and reporting.
Modern slavery is a global scourge that can be found across a myriad of industries in every corner of the world. According to the International Labour Organization (ILO), over 40 million people globally are reported to be victims of modern slavery, including 25 million in forced labour. One in four victims of modern slavery are expected to be children. These numbers mean that there are more people in slavery today than at any other time in history.
The economics of forced labour represents an enormous business. The ILO estimates that roughly US$ 150 billion in profits are generated by modern slavery every year. This sum is equivalent to the combined total of the four most profitable companies in the world. Surprisingly, the annual profits per victim of forced labour are demonstrably higher in the European Union and developed economies than anywhere else in the world.
Although modern slavery occurs in most industries, including textiles, agriculture, fishing, construction, mining and domestic work – among the most prominent is the retail sector. This is primarily due to the retail sector’s international reach and the sheer complexity of the modern retail supply chain. Most retail products pass through a long chain of producers, manufacturers and distributors before arriving at retail locations and then are delivered to the end consumer.
Cultivating effective strategies to tackle the risk of modern slavery in the retail industry will require a clear grasp of where risks lie in the supply chain, an action plan designed to tackle those risks, accompanying remediation policies, and effective monitoring and reporting.
Download our latest insight-packed whitepaper to learn about:
- Misconceptions about Modern Slavery
- Contributing factors to Modern Slavery
- Detecting Modern Slavery in retail supply chains
- The importance of a strategic framework in the Modern Slavery perspective
- What actions to take next
Modern slavery occurs in most industries, including textiles, agriculture, fishing, construction, mining and domestic work – among the most prominent is the retail sector. This is primarily due to the retail sector’s international reach and the sheer complexity of the modern retail supply chain.
